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As the tax filing season approaches, along with taxpayers, fraudsters also become hyper-active. Being informed of tax scams is very important for taxpayers in order to protect their assets and avoid financial and taxation problems since information like Social Security Number, Tax Identification Number, and Electronic Filing Identification Numbers (EFINs) are highly confidential, and once...
The Working Income Tax Benefit (WITB) or Canada Workers Credit (CWB) is a refundable tax credit that supports many low-income workers in Canada. Based on 2016 records, the WITB provided benefit to more than 1.4 million Canadians, making the WITB an important and critical Canadian tax benefit. To improve the financial security of low-income working...
Tax year 2018 has been all about tax saving plans and new tax strategies due to tax reforms that kept moving back and forth from proposal to final stage. Now that most of the tax regulations have been finalized, here are some tax reforms that business owners should be aware of, and prepared for, so...
Making errors while filing tax return is common, especially if a taxpayer is filing last-minute. Although, not every tax error is harmful, some tax errors can have severe tax consequences in the form of penalties and interest. The following is an overview of some very common tax errors that U.S. taxpayers make and the applicable...
As a Canadian business owner, a person may be required to charge sales tax on the goods and services that they sell or provide. The sales tax percent varies from province to province. Because the tax acts as a value-added tax, the taxpayer may be able to claim a tax credit for the sales tax...
A taxpayer may need to file an amended tax return to correct or update any information provided on the tax return. Fortunately, taxpayers can do so immediately online using Refile or ‘Change My Return’ in CRA’s My Account. The following is an overview of CRA’s Refile and ‘Change my Return’ options that are available to...
U.S. tax law require U.S. persons to disclose their foreign financial information with the filing of their federal income taxes regardless of whether the qualifying U.S. taxpayer resides in the U.S. or abroad. In our earlier article: Common Tax Issues Faced by U.S. People Living Abroad, we had discussed the basic tax filing requirements of...
Good health is important but maintaining good health can be expensive. The U.S. government encourages every U.S. individual to own insurance, and be prepared for any medical needs by providing certain tax credits and tax deductions for incurred medical expenses. However, many U.S. citizens and residents are unaware of these tax benefits provided by the...
In the United States, qualifying taxpayers need to file certain tax forms to report their non-U.S. assets. Canadians are also required to report their foreign assets (non-Canadian) to the Canada Revenue Agency (CRA). This foreign assets reporting is required not only to report qualifying foreign financial accounts but other foreign assets, such as: rental properties,...
These days, natural disasters, from fire to hurricanes to floods, have become quite common, and the damages can be enormous. Recovering from these losses is not only painful but time-consuming. In the past, taxpayers could claim losses from fires, floods, accidents, thefts or vandalism on their tax return to the extent not covered by insurance. ...
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